Oil company Shell has faced criticism for its significant increase in quarterly profits driven by the fluctuating oil prices due to the conflict in Iran.

During the three months ending in June, Shell reported earnings of £7.37 billion, surpassing analysts’ expectations of £6.59 billion. This figure more than doubled the £3.19 billion profit from the same period the previous year, bringing Shell’s total underlying profits for the year to £12.55 billion.

While Shell’s profits soared, British households experienced a rise in energy costs, with Ofgem increasing the price cap by 13% this year. Additionally, fuel prices at the pumps have surged, with the average price of petrol per liter reaching 159.05p and diesel at 177.59p.

The company benefited from the volatility in oil prices, with Brent crude reaching $120 a barrel at one point before settling above $90 amid tense negotiations between the US and Iran.

Critics like Greenpeace’s Rudy Schulkind and Global Witness’s Flossie Boyd condemned Shell’s profits, calling them a reminder of the consequences of fossil fuel reliance and the environmental impact caused by oil companies.

Despite facing challenges such as production halts at its Qatar site due to attacks, Shell reported a boost in overall production, particularly in its chemicals and products unit, where earnings jumped significantly, reaching £2.15 billion compared to £141 million the previous year.

Shell’s CEO, Wael Sawan, attributed the strong financial performance to the company’s operational resilience in a volatile energy market, emphasizing their commitment to providing essential energy supplies to customers.